TECHdotMN: News about Minnesota Startups

Over $60m Raised by Minnesota High Tech Ventures in 2010

January 25, 2011 | by Zach Robins Comments

Despite a year’s worth of articles bemoaning the condition of U.S. venture capital investing (see here and here and here), venture capital firms invested $21.8 billion nationally in 2010 (3,277 total investments), according to the National Venture Capital Association & PwC’s annual MoneyTree report.

This represents a 19% increase in dollars invested over 2009.

Minnesota’s 2010 story ends quite differently. Cross-sector startups raised a collective $140 million, marking a 48% drop from 2009, and the lowest Minnesota amount since the MoneyTree reporting began 15 years ago.

For 2010, TECHdotMN documents 42 unique high tech deals (IT, SaaS, web/mobile, digital media, hardware, telecom), totaling in excess of $60m invested in Minnesota-based technology companies throughout last year. Excluding Cymbet’s $31m round, 36 different ventures raised approximately $30m combined in 2010, or $857k per average round, according to the data.*

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April 23, 2010 | sourced Comments

By Arundhati Parmar, Finance and Commerce

“Call it “password fatigue.” For many of us, remembering multiple passwords is an annoying fact of 21st century life.  Now, a local company says it has the cure.

Chanhassen-based software company Indigo Identityware makes software, used in conjunction with biometric readers, that identifies people with a simple fingerprint, providing instant access to multiple applications. According to documents filed with the Securities and Exchange Commission, Indigo Identityware raised $1.25 million earlier this year. The company is trying to raise more money now, but President and CEO Thomas Rheineck declined to say how much.”

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Indigo Identityware Raises 1.2 Million

February 19, 2010 | by Jeff Pesek Comments

Indigo Identityware (Sig-Tec Corp)  has raised $1,275,000 according to a recent SEC filing.  The Chanhassen company provides a Secure Identity Management solution with an Integrated Behavioral Single Sign-on (SSO) for Hospitals, Banks, Police Stations, homes and other enterprise environments.